What is the difference between governance, risk and compliance?

Governance, risk management and compliance are three interconnected components that aim to ensure an organization consistently achieves goals, manages uncertainty, and acts with integrity.

• Governance is the set of actions carried out by the board of directors that are reflected in the organizational structure and how it is managed and led toward achieving business objectives.
• Risk management is the process of anticipating and managing risks that could prevent an organization from reliably achieving its goals under uncertain things.
• Compliance refers to following mandated boundaries (laws and regulations) as well as voluntary boundaries (company policies, procedures, etc.).